Failure to sustain above rising trend line (red) followed by a break below previous day's low of $46.92 could yield a move lower to $45.80 (blue rising trend line). Day end closing below $45.80 today would be a major blow for oil bulls.

On the higher side, $48.34 stands as a strong resistance, which needs to be breached on day end closing basis if bulls wish to have more say in determining prices.